India REIT Market Sees IPO Activity Amidst Economic Uncertainty

Blackstone-Backed Bagmane Prime Office REIT Plans $3.9 Billion IPO Launch​

Blackstone-backed Bagmane Prime Office REIT is preparing to launch its initial public offering as early as next month, targeting a valuation of approximately $3.9 billion, according to people familiar with the development.

The Bengaluru-based real estate platform has received regulatory approval and has started investor roadshows, sources said, adding that discussions remain ongoing and certain details may still change.

IPO Size and Structure​

According to the draft prospectus filed in December, the proposed offering aims to raise ₹40 billion. The issue will comprise:

• Up to ₹30 billion in newly issued units
• A secondary sale of ₹10 billion by Blackstone

While the broad contours of the transaction are in place, the final size and timing of the share sale remain subject to market conditions and investor demand. A spokesperson for the REIT did not respond to queries.

India IPO Market in 2026: A Slower Start​

India’s initial public offering market has begun 2026 on a subdued note. The slowdown follows two consecutive years of record fundraising activity.

The domestic equity market has been under pressure due to moderating earnings growth, global trade uncertainties, and uneven foreign portfolio inflows. Despite this backdrop, real estate developers are increasingly tapping capital markets, reflecting confidence in long-term urbanisation trends and sustained office demand.

India REIT Market Landscape​

India currently has seven registered real estate investment trusts. Among them, the following are listed:

• Knowledge Realty Trust
• Mindspace Business Parks REIT
• Brookfield India Real Estate Trust
• Embassy Office Parks REIT
• Nexus Select Trust

Bagmane Prime Office REIT’s proposed listing would add to the growing institutionalisation of India’s commercial real estate market.

Portfolio and Asset Base​

As of June 30, 2025, the REIT’s portfolio comprised six Grade A+ business parks spanning 20.3 million square feet, including 19.6 million square feet of leasable area.

The filing disclosed a gross asset value of ₹387.9 billion.

The net proceeds from the fresh issue are expected to be primarily deployed toward asset acquisitions and general corporate purposes, strengthening the REIT’s growth platform.

Lead Managers to the Issue​

The book-running lead managers for the offering include:

• Kotak Mahindra Capital Co.
• Axis Bank Ltd.
• JM Financial Ltd.
• IIFL Capital Services Ltd.
• SBI Capital Markets Ltd.
• 360 ONE WAM Ltd.
• HDFC Bank Ltd.

With regulatory clearance in place and roadshows underway, the IPO is positioned to test investor appetite in India’s evolving REIT market at a time when broader equity issuance remains cautious.